Lincoln National (LNC)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
Fundamental grade
Five factors scored 1 to 9 from LNC's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Lincoln National's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $17.7B | $18.8B | $11.6B | $18.4B | $18.2B |
| Net income | $3.8B | $1.4B | -$752M | $3.3B | $1.2B |
| Free cash flow | — | — | — | — | — |
| EPS (diluted) | $19.96 | $7.78 | -$4.92 | $18.41 | $5.83 |
| Operating margin | — | — | — | — | — |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own LNC
From each investor's latest 13F filing (what a 13F shows). 4 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Added | $50M | 0.02% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $25M | 0.06% | Q2 2026 |
| Bill Miller Miller Value Partners |
Added | $21M | 5.0% | Q2 2026 |
| Jean-Marie Eveillard First Eagle Investment Management |
Trimmed | $12M | 0.02% | Q2 2026 |
Insider buying
Open-market purchases by Lincoln National's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Feb 25, 2026 | National Life Insuranc Lincoln |
2,254,486 | $11.09 | $25M |
| Dec 19, 2025 | National Life Insuranc Lincoln |
2,300,098 | $10.87 | $25M |
| Nov 12, 2025 | Owen Ryan |
2,000 | $42.17 | $84,340 |
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In the full deep dive
Questions
Are Lincoln National insiders buying the stock?
3 open-market insider purchases of LNC in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Lincoln National?
4 of the superinvestors Investingly tracks hold LNC in their latest 13F, including Cliff Asness, Joel Greenblatt, Bill Miller.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.